BUSINESS
Equity indices settle marginally low amid volatile trade
With Tuesday's slump, the indices declined for the seven out of the past eight sessions. Sensex closed at 52,693.57 points, down 153.13 points or 0.29 per cent, whereas Nifty closed at 15,732.10 points, down 42.30 points or 0.27 per cent. Any steep fall in the indices during the session was arrested due to a moderation in retail inflation in India in the month of May.
Rupee expected to remain under pressure in near-term: Report
However, the central bank RBI is likely to intervene in the forex exchange market to support the rupee and prevent any sharp depreciation in the exchange rate. On Monday, the Indian rupee slipped to a fresh record low of 78.04 per US dollar amidst a resurgence in strength in the dollar primarily on account of expectations of aggressive policy tightening by the US Fed this week at the monetary policy meeting.
Adani and Total Energies to create world's largest green hydrogen ecosystem
The new partnership, centered on green hydrogen, is expected to transform the energy landscape both in India and globally. Both Adani and Total Energies are pioneers in energy transition and clean energy adoption, and this joint energy platform further strengthens the public ESG commitments made by both companies.
Bitcoin falls to record-low of $21K over worrying inflation data
It was hovering around Rs 20,000-Rs 21,000 per BTC as the global crypto market crashed owing to the weak macroeconomic environment and systemic risk from within the crypto space. Bitcoin has fallen for nearly 12 straight weeks, from nearly $49,000 in March to around $21,000. It showed some signs of bottoming out in mid-May but worrying US inflation data did "little to cushion falling sentiment", reports Coindesk.
Sequoia India and Southeast Asia raise $2.85 billion to empower founders
"This fundraise, which comes at a time when markets are starting to cool after a very long bull run, signals our deep commitment to the region and the faith our Limited Partners have in the long-term growth story of India and Southeast Asia," the company said in a statement on Tuesday. The region's startup ecosystem has grown rapidly in the last decade, thanks to the acceleration of digital adoption and rising consumer incomes.
Indices extend losses, moderation in domestic inflation arrests steep downside
At 9.41 a.m., sensex was down 0.3 per cent at 52,672 points, whereas nifty 0.3 per cent or 15,732 points. Equity indices across the board witnessed a massive selloff on Monday after the US reported 40-year high inflation reading. However, the steep fall in the indices back home in India this morning was arrested due to a moderation in retail inflation in the month of May.
Encouraged by discussion between key stakeholders in food ecosystem: Swiggy
"We welcome the initiative by the Department of Consumer Affairs to discuss the grievances by consumers with regard to online food ordering. We are encouraged by the discussion between the key stakeholders in the food ecosystem. As participants, we agreed that food manufacturers and restaurants will have to work together to holistically address different aspects of the grievances raised.
Over 3K complaints later, govt directs Swiggy, Zomato to furnish resolution framework
The direction to furnish the current framework as well as a proposal on improving the consumer grievance redressal mechanism within 15 days was given during a meeting chaired by Secretary, Consumer Affairs, Rohit Kumar Singh with the major e-commerce food business operators, to discuss pertinent issues which affect consumers in this sector.
Crypto lender Celsius blocks withdrawals due to 'extreme market conditions'
The controversial company -- which has lent out more than $8 billion and managed nearly $12 billion in assets as of May -- has not announced a timeline for when the withdrawals will resume. "Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts," the firm wrote in a memo to clients, Daily Beast reported. Some are now concerned about the solvency of the company, which made a name for itself by offering above-average interest rates on deposits.
Qualcomm acquires Cellwize to boost 5G adoption
The acquisition will boost Qualcomm's as a leader in 5G Radio Access Networks (RAN) innovation and adoption. "The addition of Cellwize's best-in-class RAN automation technologies strengthens Qualcomm Technologies' ability to drive the development of the modern 5G network," said Durga Malladi, SVP and general manager, cellular modems and infrastructure, Qualcomm.
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